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‣ O controle do endividamento público e a autonomia dos entes da federação; The control of public borrowing and the autonomy of the entities of the federation
Fonte: Biblioteca Digitais de Teses e Dissertações da USP
Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado
Formato: application/pdf
Publicado em 02/05/2012
Português
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#Autonomia financeira#Control of public borrowing#Crédito fiscal#Dívida pública#Federalismo (aspectos econômicos)#Financial autonomy#Fiscal federalism#Fiscal responsibility#Public debt#Responsabilidade fiscal
Esta dissertação versa sobre o controle do endividamento dos Estados, do Distrito Federal e dos Municípios, analisando as questões jurídicas daí decorrentes em face da sua autono-mia. São examinados em primeiro lugar conceitos e classificações relacionados à dívida pública. Posteriormente, é exposta a relevância do endividamento para a atividade finan-ceira dos entes subnacionais, e as razões que tornam necessário o seu controle pela União, a fim de preservar a estabilidade econômica. Noutro giro, são analisados os quatro métodos de controle do endividamento dos entes subnacionais vigentes em diferentes países, com o aprofundamento dos métodos vigentes no Brasil. Por fim, após incursão histórica na evolu-ção da dívida dos entes subnacionais, analisam-se dispositivos da Lei de Responsabilidade Fiscal cuja constitucionalidade é discutível por ferir a autonomia dos Estados, do Distrito Federal e dos Municípios.; This dissertation is about the control of borrowing of the States, Federal District and Mu-nicipalities and analyses legal issues arising therefrom in light of their autonomy. Firstly, concepts and classification related to the public debt are analyzed. Later, the relevance of borrowing for the financial activity of subnational governments and the reasons that make its control by the Federal government necessary in order to preserve economic stability are exposed. In another turn...
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‣ Networks uncover hidden lexical borrowing in Indo-European language evolution
Fonte: The Royal Society
Publicador: The Royal Society
Tipo: Artigo de Revista Científica
Português
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Language evolution is traditionally described in terms of family trees with ancestral languages splitting into descendent languages. However, it has long been recognized that language evolution also entails horizontal components, most commonly through lexical borrowing. For example, the English language was heavily influenced by Old Norse and Old French; eight per cent of its basic vocabulary is borrowed. Borrowing is a distinctly non-tree-like process—akin to horizontal gene transfer in genome evolution—that cannot be recovered by phylogenetic trees. Here, we infer the frequency of hidden borrowing among 2346 cognates (etymologically related words) of basic vocabulary distributed across 84 Indo-European languages. The dataset includes 124 (5%) known borrowings. Applying the uniformitarian principle to inventory dynamics in past and present basic vocabularies, we find that 1373 (61%) of the cognates have been affected by borrowing during their history. Our approach correctly identified 117 (94%) known borrowings. Reconstructed phylogenetic networks that capture both vertical and horizontal components of evolutionary history reveal that, on average, eight per cent of the words of basic vocabulary in each Indo-European language were involved in borrowing during evolution. Basic vocabulary is often assumed to be relatively resistant to borrowing. Our results indicate that the impact of borrowing is far more widespread than previously thought.
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‣ Public Debt Management in Emerging Market Economies : Has This Time Been Different?
Fonte: Banco Mundial
Publicador: Banco Mundial
Português
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#ASSET POSITION#AUCTION#AUCTIONS#BAILOUT#BANK FINANCING#BANKING SECTOR#BANKRUPTCY#BASIS POINTS#BOND AUCTIONS#BOND FUND#BOND FUNDS
Despite the scale of the global
financial crisis, to date it has not resulted in a sovereign
debt crisis among emerging market countries. Two significant
factors in this outcome are the improved macroeconomic
management and public debt management in these countries
over the past decade. This paper reviews the improvements in
macroeconomic fundamentals and the composition of public
debt portfolios in emerging market countries prior to the
crisis and concludes that the policies and strategies
pursued by governments provided them with a buffer when the
crisis hit. Nevertheless, with the international capital
markets effectively closed for over three months and
domestic borrowing in many cases impacted by extreme risk
aversion, government debt managers were required to adapt
their strategies to rapidly changing circumstances. The
paper reviews the impact of the crisis and the responses of
debt managers to the drying up of international capital,
decreased liquidity in markets, and sharply increased term
premia. Three categories of response are identified: (i)
funding from other sources to reduce pressure on market
borrowing; (ii) adapting funding programs to changes in
demand in the different types of securities; and (iii)
implementing liability management operations to support the
market. Most governments were willing to accept temporarily
greater risk in their portfolios...
Link permanente para citações:
‣ The Need, Capacity and Willingness of Regional Governments to Finance Public Infrastructure from Long-Term Loans
Fonte: Washington, DC
Publicador: Washington, DC
Português
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#ARREARS#ASSET SALES#BASIC EDUCATION#BORROWING CAPACITIES#BORROWING CAPACITY#BUDGETING#CAPITAL INVESTMENTS#CAPITAL MARKET#CAPITAL MARKETS#COST ESTIMATES#COUNTERPART FUNDS
This report reviews the need for
long-term loans for regional governments, assesses the
capacity of regional governments to repay long-term loans,
identifies existing constraints to long-term borrowing by
the regions, and recommends options for removing or
mitigating existing constraints. The Government of Indonesia
issued a government regulation on regional borrowing and
unlike its legal predecessor, the newer regulation allows
regional governments to borrow long term for public
infrastructure projects that are indirectly
revenue-generating, such as roads and flood control systems.
Until the late 1990s, a major portion of long-term loans to
regional governments was financed by international financial
institutions, mainly the Asian Development Bank and the
World Bank. In view of the need to increase investments in
public infrastructure, and the absence of a domestic market
for long-term financing, Government of Indonesia is
currently considering re-opening this window by establishing
a Municipal Development Fund in the Ministry of Finance.
Link permanente para citações:
‣ Debt Management Performance Assessment : Kazakhstan
Fonte: Washington, DC
Publicador: Washington, DC
Português
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#ACCOUNT RISK#ACCOUNTING#ANNUAL BORROWING PLAN#ANNUAL BORROWING PLANS#AUCTION#AUCTIONS#BANK ACCOUNT#BANK ACCOUNTS#BANK DEBT#BANK FINANCING#BANK GUARANTEE
A World Bank mission visited Kazakhstan
from July 15-23, 2010, to undertake a comprehensive
assessment of debt management operations using the Debt
Management Performance Assessment tool (DeMPA). The DeMPA
report provides an overview of strengths and weaknesses in
government debt management in Kazakhstan, as evaluated at
end-July, 2010. The scores demonstrate that areas of
strength clearly outnumber areas where policies and
practices fall short of minimum standards for effective debt
management. Areas of strength include the legal framework,
governance, and operational risk management, coordination
with fiscal and monetary policies, as well as debt recording
and reporting. Such strengths are impressive, taking into
account the relatively low debt level and modest recourse to
both domestic and external borrowing. However, many areas
displaying relatively low scores would benefit from
attention and reform. This need is most pressing in the
context of developing a medium-term debt management
strategy, which would involve outlining the preferred
composition of debt based on cost-risk analyses...
Link permanente para citações:
‣ Debt Management Performance Assessment : Solomon Islands
Fonte: Washington, DC
Publicador: Washington, DC
Português
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#ACCESS TO BANKING#ACCESS TO BANKING SERVICES#ACCESS TO FINANCIAL SERVICES#ACCESS TO RESOURCES#ACCOUNTANT#ACCOUNTING#ANNUAL BORROWING PLAN#APPROVAL PROCESS#ARREARS#ASSET VALUE#ASSETS RATIO
From February 19 to 28, 2009, a World
Bank team undertook a debt management performance assessment
(DeMPA) mission to Honiara, Solomon Islands. The objective
was to undertake a comprehensive assessment of debt
management functions applying the DeMPA tool. The assessment
reveals that the Solomon Islands meets the minimum
requirements for effective debt management performance as
specified by the DeMPA tool on the legal framework,
coordination with monetary policy, and debt reporting. While
taking note of substantial efforts to improve performance in
a number of areas, the assessment also found that the
Solomon Islands does not meet the minimum requirements for
the indicators assessing the debt management strategy,
managerial structure, coordination with fiscal policy,
domestic borrowing, cash flow forecasting and cash balance
management, debt records, and debt recording. The mission
also identified the following areas that require improvement
and could be considered priorities for capacity building and
reform: evaluation of debt management operations; auditing;
external borrowing; loan guarantees...
Link permanente para citações:
‣ Debt Management Performance Assessment : Nigeria
Fonte: Washington, DC
Publicador: Washington, DC
Português
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#ACCOUNTABILITY FRAMEWORK#ACCOUNTANT#ACCOUNTING#ACTUAL DEBT#AMORTIZATION#ANNUAL BORROWING PLAN#ASSET MANAGEMENT#AUCTION#AUCTIONS#BANK ACCOUNT#BANK ACCOUNTS
The DeMPA is a methodology for assessing
public debt management performance through a comprehensive
set of indicators spanning the full range of government debt
management functions. The DeMPA tool presents debt
performance indicators along with a scoring methodology.
This report pertains to a debt management performance
assessment of Nigeria in 2012. Areas with very high scores
include the managerial set-up, evaluation of debt management
operations, as well as domestic and external borrowing
practices. There have been substantial improvements in
management of operational risks, demonstrated by the
availability of procedures manuals and data security and
back-ups, and in debt reporting.
Link permanente para citações:
‣ Fiscal Space for Infrastructure Borrowing in South-Eastern Europe : A Suggested Approach
Fonte: Washington, DC
Publicador: Washington, DC
Português
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#AGGREGATE DEMAND#BALANCE OF PAYMENTS#BONDS#BUDGET DEFICIT#BUDGETARY EXPENDITURES#BURDEN OF ADJUSTMENT#CAPITAL EXPENDITURE#CAPITAL EXPENDITURES#CAPITAL FLOWS#CAPITAL INFLOWS#CAPITAL INVESTMENT
The seven countries of South Eastern
Europe (Albania, Bosnia and Herzegovina, Bulgaria, Croatia,
FYR Macedonia, Romania, and Serbia and Montenegro) are in
the process of transition, undertaking significant fiscal
adjustment as they seek to move to a path of sustainable
growth. Previous high debt has been reduced and/or
restructured for most countries, which have committed to a
path of fiscal responsibility as one of the key ingredients
in the recovery process. Fiscal consolidation is also
necessary in order to prepare the ground for future entry
into the European Union (EU), including for being in a
position to incur expenditures arising from the obligations
of future EU membership. A significant amount of new
borrowing for infrastructure investment is being
contemplated by these countries, often based on bilateral
and multilateral funding. This short approach paper seeks
to set out the key issues that will need to be kept in mind
when evaluating the proposed borrowing and investments.
While the note is indicative...
Link permanente para citações:
‣ Savings and the Terms of Trade under Borrowing Constraints
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Português
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#ARBITRAGE#ASYMMETRIC SHOCKS#BANK DEPOSITS#BORROWING#BUDGET DEFICITS#CAPITAL GOODS#CAPITAL MARKET#CAPITAL MARKETS#CENTRAL GOVERNMENTS#COMMODITY EXPORTERS#CONSUMERS
The authors examine the extent to which
permanent terms-of-trade shocks have an asymmetric effect on
private savings. Using a simple three-period model, they
show that if households expect to face binding constraints
on borrowing in bad states of nature (when the economy is in
a long trough rather than a sharp peak). Savings rates will
respond asymmetrically to favorable movements in the
permanent component of the terms of trade - in contrast with
the predictions of conventional consumption-smoothing
models. They test the asymmetric effects of terms-of-trade
disturbances using an econometric model that controls for
various standard determinants of private savings. The
results - based on panel data for non-oil commodity
exporters of Sub-Saharan Africa for 1980-96 (a group of
countries for which movements in the terms of trade have
traditionally represented a key source of macroeconomic
shocks) - indicate that increases in the permanent component
of the terms of trade (measured using three alternative
filtering techniques) indeed tend to be associated with
higher rates of private savings.
Link permanente para citações:
‣ Financial Sector Assessment Program - Albania : Public Debt Management
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Português
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#ACCOUNTING#ANNUAL BORROWING PLAN#ARREARS#AUCTION#AUCTION MECHANISM#AUCTIONS#BALANCE SHEET#BALANCE SHEETS#BANK DEPOSITS#BANKING SECTOR#BASIS POINTS
Government debt continues to expand,
reaching over all 872 billion, approximately 62 percent of
gross domestic product (GDP), as of end-September 2013.
Domestic debt grew sharply in the first half of 2013,
emanating largely from poor tax revenue performance,
together with the accumulation of a large stock of unpaid
bills and arrears. External debt creditors comprise
multilaterals, bilateral creditors, and private creditors.
The concentrated nature of the investor base and the high
domestic debt stock limit the choices available to debt
management, particularly with regards to extending the
maturity of the domestic debt. Public debt management in
Albania follows an organized process but will benefit from a
number of technical changes. The domestic borrowing plan has
been revised frequently due to unexpected flows in the
treasury account. In an environment of volatile treasury
balances, cash flows safety nets or minimum cash buffers
should be implemented. A number of initiatives are
recommended to improve the transmission of price signals in
the primary market - overall this will provide incentives
for secondary market development. To support the development
of the secondary market the General Directorate of public
debt management should modify its issuance program and focus
on key maturities on the yield curve. It is suggested that
the issuance program takes a small step in this direction by
limiting the number of tenors and focusing on for example...
Link permanente para citações:
‣ Decentralizing Borrowing Powers; Descentralizacion de la potestad para obtener credito
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
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#ACCOUNTABILITY#ACCOUNTING#BALANCED BUDGET REQUIREMENTS#BANK LENDING#BANKING SYSTEM#BANKRUPTCY#BANKRUPTCY LAWS#BANKRUPTCY PROCEDURES#BORROWING#CAPITAL MARKETS#CENTRAL GOVERNMENT
The note highlights the importance of
sound intergovernmental fiscal relations, and proper
regulation for successful sub-national borrowing, and
illustrates the potential macroeconomic hazards of
decentralizing borrowing powers, arguing that the impact of
a possible moral hazard problem, namely, the access to
financial markets by sub-national governments, may generate
unplanned liabilities for central governments. Yet academia,
and country experiences do not suggest adverse links between
decentralized borrowing powers, and the central
government's ability to maintain fiscal discipline, and
macroeconomic stability. Rather the key seems to lie in the
design of fiscal decentralization, particularly the
regulatory framework under which borrowing powers are
decentralized. The note outlines the reasons why
sub-national governments require access to financial
markets: to finance capital spending, and foster political
accountability, which can be achieved through direct
borrowing by central government, through a public financial
intermediary...
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‣ Debt Management Reform Plan : Madagascar
Fonte: Washington, DC
Publicador: Washington, DC
Tipo: Economic & Sector Work; Economic & Sector Work :: Debt Management Performance Assessment
Português
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#ACCESS TO TRAINING#ACCOUNTING#ANNUAL BORROWING PLAN#AUCTION#AUCTION TECHNIQUE#AUCTIONS#BANK ACCOUNT#BANK ACCOUNTS#BANK DEBT#BENEFICIARY#BIDS
The reform plan pillars outlined in this
report build on the findings of the 2013 World Bank Debt
Management Performance Assessment (DeMPA) for Madagascar and
the discussions held during this mission with the central
government representatives. Recent presidential elections
and envisaged inauguration of the new government provides an
enabling environment for engaging into broad economic and
institutional reforms. Improvement of the governance
practices and continuation of the public finance management
reforms are among priorities stipulated in the
President's reform agenda. It is important to mention
that during the last two years MoFB's Treasury
undertook a number of initiatives to improve government debt
management. The Public Debt Directorate (DDP) was
reorganized in 2012 and additional staff was hired during
the last calendar year. Improvement of existing legal
framework was initiated by the DDP in close cooperation with
legal advisers of the Treasury. The main areas of reforms
identified include: (i) improvement of the legal framework...
Link permanente para citações:
‣ Issues in Sub-National Borrowing in Nigeria
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research; Publications & Research :: Working Paper
Português
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#ADMINISTRATIVE CONTROLS#AMOUNT OF LOANS#BALANCE OF PAYMENTS#BANK LOANS#BENEFICIARIES#BOND#BOND ISSUES#BONDS#BORROWER#CAPACITY BUILDING#CAPITAL MARKET
Since 1991 the share of sub-national
outlays in total government spending has increased,
reflecting their active role in service delivery and greater
autonomy in policy-making and implementation. As a result,
sub-national economic policies have taken on an increasingly
important role in ensuring macroeconomic stability. The
rising share of sub-national finance, including sub-national
Governments (SNGs) debt as a share of general public debt
abundantly reflects this trend of greater devolution of
spending responsibilities, revenue - raising authority and
the capacity to incur debt. The growing importance of SNG
finances and the recognition that the trend can pose dangers
to macroeconomic stability have informed different
institutional responses to the difficulties of decentralized
decision-making, especially addressing the need to improve
policy coordination across levels of government and contain
sub-national borrowing. The purpose of this paper is to
articulate some issues in SNG borrowing arising from the
peculiarities of the Nigerian situation. To this end...
Link permanente para citações:
‣ Would Collective Action Clauses Raise Borrowing Costs? An Update and Additional Results
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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#BANKRUPTCY#BANKRUPTCY PROCEDURES#BONDS#BORROWING#BORROWING COSTS#CAPITAL FLOWS#CARBON#CARBON DIOXIDE#CARBON DIOXIDE EMISSIONS#CENTRAL BANK#CENTRAL BANKS
It is easy to say that the International
Monetary Fund should not resort to financial rescue for
countries in crisis; this is hard to do when there is no
alternative. That is where collective action clauses come
in. Collective action clauses are designed to facilitate
debt restructuring by the principals - borrowers, and
lenders - with minimal intervention by international
financial institutions. Despite much discussion of this
option, there has been little action. Issues of bonds fear
that collective action clauses would raise borrowing costs.
The authors update earlier findings about the impact of
collective action clauses on borrowing costs. It has been
argued that only in the past year or so, have investors
focused on the presence of these provisions, and that, given
the international financial institutions' newfound
resolve to "bail in" investors, they now regard
these clauses with trepidation. Extending their data to
1999, the authors find no evidence of such changes, but
rather the same pattern as before: Collective action clauses
raise the costs of borrowing for low-rated issuers...
Link permanente para citações:
‣ The Cross-Country Magnitude and Determinants of Collateral Borrowing
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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#ACCESS TO CREDIT#ACCESS TO FINANCE#ACCESSIBILITY#ACCOUNT RECEIVABLE#ACCOUNTS RECEIVABLE#AMOUNT OF COLLATERAL#AMOUNT OF LOAN#ASSET PRICES#ASSET VALUE#AVAILABILITY OF CREDIT#BANK LENDING
Using the World Bank Enterprise Survey
covering 6,800 firms across 43 developing countries, this
paper investigates the prevalence and determinants of
collateralized borrowing. It focuses on the following two
aspects: (1) whether firms' loans from financial
institutions require collateral (the extensive margin) and
(2) the collateral value relative to the loan value (the
intensive margin). On the first aspect, it finds that
collateral borrowing is prevalent. On average, 73 percent of
loans from financial institutions require collateral. Firms
that are small or sell domestically are significantly less
likely to pledge collateral. Shorter loans and loans from
non-bank financial institutions are also less often
associated with collateral. On the second aspect, it finds
that on average the loan value is at least 72 percent of the
collateral value. The only robust and significant
determinants of the collateral value are the type of assets
used for collateral. The analysis also checks whether
countries' income and institutions affect
collateralized borrowing. It finds that firms in countries
with higher income and better institutions and credit
information are significantly less likely to pledge
collateral. These factors...
Link permanente para citações:
‣ Small States : Performance in Public Debt Management
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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#ACCOUNTING#ACCOUNTING STANDARDS#ACTIVE DEBT#AGGREGATE DEBT#ASPECTS OF DEBT MANAGEMENT#ASSET PRICE#AUCTION#AUCTIONS#BALANCE SHEET#BANK FINANCING#BENCHMARK BONDS
This paper analyzes the status of public
debt management performance in 17 small states through the
findings of the Debt Management Performance Assessment
reports. Empirical evidence indicates that the higher the
quality of a country's policies and institutions, the
better is its capacity to carry debt and withstand exogenous
shocks. Borrowing for productive purposes can be an
important element in boosting growth of gross domestic
product but, conversely, excessive borrowing or poorly
structured debt in terms of maturity, currency, or interest
rate composition can quickly offset the positive impact,
deter new foreign and domestic investment, compromise reform
programs, depress growth of gross domestic product,
exacerbate the challenge of meeting debt service
obligations, and may induce or propagate economic crises.
Arguments in favor of sound debt management are especially
compelling for small states that must mitigate the
particular risks to which their economies are exposed.
Against this backdrop, the paper identifies aspects of debt
management where small states do relatively well and those
where they perform poorly...
Link permanente para citações:
‣ Consumption Baskets and Currency Choice in International Borrowing
Fonte: Banco Mundial
Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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#ACCELERATOR#AGGREGATE CONSUMPTION#ASSET POSITION#ASSETS#BAILOUT#BALANCE SHEET#BENCHMARK#BILL#BOND#BOND HOLDERS#BOND MARKET
Most emerging markets do not borrow much
internationally in their own currency, although doing that
has been argued as an attractive insurance mechanism. This
phenomenon, commonly labeled "the original sin",
has mostly been interpreted as evidence of the
countries' inability to borrow in domestic currency
from abroad. This paper provides a novel explanation for
that phenomenon: not that countries are unable to borrow
abroad in their currency, they might not need to do so. In
the model, the small prevalence of external borrowing in
domestic currency arises as an equilibrium outcome, despite
the absence of exogenous frictions or limits on market
participation. The equilibrium outcome is driven by the fact
that domestic and foreign lenders have differential
consumption baskets. In particular, a large part of domestic
lenders' consumption basket is denominated in domestic
currency whereas all of foreign lenders' is in dollars.
A depreciation of domestic currency, which tends to occur in
bad times, is therefore less harmful to domestic savers than
to foreign investors. This makes domestic lenders require a
lower premium than foreign lenders on domestic currency
debt. For plausible calibrations...
Link permanente para citações:
‣ Financing Infrastructure and Monitoring Fiscal Risks at the Subnational Level
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
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#ACCOUNTING#ACCOUNTING STANDARDS#AGGREGATE DEBT#AMORTIZATIONS#ARREARS#AVAILABILITY OF CREDIT#BAILOUT#BAILOUTS#BALANCE SHEET#BALANCE SHEETS#BANKRUPTCY
This paper explores the building blocks of an institutional framework to govern borrowing by subnational entities to finance infrastructure investment. The framework should help in achieving sustainable financing of development needs and sound management of fiscal risks. Based on international experience, the authors suggest a minimum set of indicators for monitoring fiscal and debt developments. Recognizing the different nature and operations of the subnational entities, they propose specific indicators for special purpose vehicles and the government's general budget. The paper outlines an analytical framework to inform policy decisions concerning subnational debt limits, which are country-specific and should not be mechanically applied. Basic notions underpinning medium-term macro-fiscal frameworks and debt sustainability analyses provide effective guidance for identifying prudent levels of subnational debt. The authors argue that developing fiscal and debt indicators and setting borrowing limits should be part of a broader strategy to put in place an adequate fiscal architecture to coordinate and monitor the budgetary and borrowing policies conducted by individual subnational governments. Consistent with this general principle, they explore several areas of subnational public finance and management that need to be addressed with adequate governance structures and policy choices.
Link permanente para citações:
‣ Essays in open economy macroeconomics with borrowing frictions
Fonte: Université de Montréal
Publicador: Université de Montréal
Tipo: Thèse ou Mémoire numérique / Electronic Thesis or Dissertation
Português
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#Marchés incomplets#Incomplete markets#Contraintes de crédit endogènes#Endogenous borrowing constraints#Partage du risque#Risk sharing#Intégration économique#Economic integration#Avoirs extérieurs nets#Net foreign asset position#Taux d'investissement
Cette thèse comporte trois essais en macroéconomie en économie ouverte et commerce international. Je considère tour à tour les questions suivantes: sous quelles conditions est-il optimal pour un pays de former une union économique? (essai 1); l'augmentation de la dispersion transversale des avoirs extérieurs nets des pays est-elle compatible avec une dispersion relativement stable des taux d'investissement? (essai 2); le risque de perte de marché à l'exportation du fait de l'existence des zones de commerce préférentiel joue t-il un rôle dans la décision des pays exclus de négocier des accords commerciaux à leur tour? (essai 3).
Le premier essai examine les conditions d'optimalité d'une union économique. Il s'intéresse à une motivation particulière: le partage du risque lié aux fluctuations du revenu. Dans la situation initiale, les pays ont très peu d'opportunités pour partager le risque à cause des frictions: les marchés financiers internationaux sont incomplets et il n'y pas de mécanisme pour faire respecter les contrats de crédit entre pays. Dans ce contexte, une union économique apparait comme un arrangement qui pallie à ces frictions entre les pays membres seulement. Cependant, l'union dans son ensemble continue de faire face à ces frictions lorsqu'elle échange avec le reste du monde. L'arbitrage clé dans le modèle est le suivant. D'un coté...
Link permanente para citações:
‣ Endogenous borrowing constraints and default when markets are incomplete
Fonte: Escola de Pós-Graduação em Economia da FGV
Publicador: Escola de Pós-Graduação em Economia da FGV
Tipo: Trabalho em Andamento
Português
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#borrowing constraint, general equilibrium, incomplete markets, risk, default, lvIarkov, stationary.#Equilíbrio econômico#Risco (Economia)
Incomplete markets and non-default borrowing constraints increase
the volatility of pricing kernels and are helpful when addressing assetpricing
puzzles. However, ruling out default when markets are in complete
is suboptimal. This paper endogenizes borrowing constraints as
an intertemporal incentive structure to default. It mo deIs an infinitehorizon
economy, where agents are allowed not to pay their liabilities
and face borrowing constraints that depend on the individual history
of default. Those constraints trade off the economy's risk-sharing possibilities
and incentives to prevent default. The equilibrium presents
stationary properties, such as an invariant distribution for the assets'
solvency rate.
Link permanente para citações: